A prize is an award

Award

An award is something given to a person or a group of people to recognize excellence in a certain field; a certificate of excellence. Awards are often signifiedby trophies, titles, certificates, commemorative plaques, medals, badges, pins, or ribbons...

 to be given to a person or a group of people to recognise and reward actions or achievements. Official prizes often involve monetary rewards

Money

Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past,...

 as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Academy Awards

Academy Awards

An Academy Award, also known as an Oscar, is an accolade bestowed by the American Academy of Motion Picture Arts and Sciences to recognize excellence of professionals in the film industry, including directors, actors, and writers...

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Prizes are also given to publicize noteworthy or exemplary behaviour, and to provide incentives for improved outcomes and competitive efforts. In general, prizes are regarded in a positive light, and their winners are admired. However, many prizes, especially the more famous ones, have often caused controversy

Controversy

Controversy is a state of prolonged public dispute or debate, usually concerning a matter of opinion. The word was coined from the Latin controversia, as a composite of controversus – "turned in an opposite direction," from contra – "against" – and vertere – to turn, or versus , hence, "to turn...

 and jealousy

Jealousy

Jealousy is a second emotion and typically refers to the negative thoughts and feelings of insecurity, fear, and anxiety over an anticipated loss of something that the person values, particularly in reference to a human connection. Jealousy often consists of a combination of presenting emotions...

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Specific types of prizes include:

• Booby prize
  Booby prize
  A booby prize is a joke prize usually given in recognition of a terrible performance or last-place finish. A person who finishes last, for example, may get a booby prize such as a worthless coin. Booby prizes are sometimes humorously and jokingly coveted as an object of pride.Booby prizes, however,...
  
  : typically awarded as a joke or insult to whoever finished last (e.g., wooden spoon (award)
  Wooden spoon (award)
  A wooden spoon is a mock or real award, usually given to an individual or team which has come last in a competition, but sometimes also to runners-up. Examples range from the academic to sporting and more frivolous events...
  
  ).
• Consolation prize: an award given to those who do not win an event but are deserving of recognition.
• Hierarchical prizes, where the best award is "first prize", "grand prize", or "gold medal". Subordinate awards are "second prize", "third prize", etc., or "first runner-up" and "second runner-up", etc., or "silver medal" and "bronze medal". (In some contests, "grand prize" is more desirable than "first prize".)
  • On game shows in the UK, the term is "star prize", while in Australia, it is "major prize".
• Purchase prize or acquisition prize: a monetary prize given in an art competition in exchange for the winning work.

See also

• List of prizes, medals, and awards
• Repechage
  Repechage
  Repechage is a practice amongst ladder competitions that allows participants that failed to meet qualifying standards by a small margin to continue to the next round.- Types of repechage :...
  
  
• Medal
  Medal
  A medal, or medallion, is generally a circular object that has been sculpted, molded, cast, struck, stamped, or some way rendered with an insignia, portrait, or other artistic rendering. A medal may be awarded to a person or organization as a form of recognition for athletic, military, scientific,...
  
  
• Prize (law)
  Prize (law)
  Prize is a term used in admiralty law to refer to equipment, vehicles, vessels, and cargo captured during armed conflict. The most common use of prize in this sense is the capture of an enemy ship and its cargo as a prize of war. In the past, it was common that the capturing force would be allotted...
  
  
• Prize money
  Prize money
  Prize money has a distinct meaning in warfare, especially naval warfare, where it was a monetary reward paid out to the crew of a ship for capturing an enemy vessel...
  
  , monetary award that is given to someone after they have won a competition.
• Prizes named after people
  Prizes named after people
  This is a list of prizes that are named after people.For other lists of eponyms see Lists of etymologies.* Ansari X Prize - Anousheh Ansari, Amir Ansari* Prince of Asturias Awards - Felipe, Prince of Asturias-A:...